Two-Story Office Building with Wrap
For Sale
$1,500,000
22193 STATE HIGHWAY 59, Robertsdale, AL 36567
Two-story, well-maintained office building with multiple offices, shared kitchen and bathrooms, wraparound porch access, and ample parking.
Property Size7,265 SF
Price / SF$206.47
Days on Market50
Property Features for 22193 STATE HIGHWAY 59
General Information
Standard status
Active
Size
7,265 SF
Property subtype
Office
Amenities
3
Tile, Vinyl, Carpet
Composition Shingle
Level
Level.
Building Details
Year Built
1998
Listing Agency:
Alabama Gulf Coast Properties
(251) 233-9221
Listed By:
Alabama Gulf Coast Properties · License #124835
(251) 233-9221
Source:
Xome
Added: Jul 6
Changed: Aug 24
Last Checked: Aug 23 at 3:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Alabama Gulf Coast Properties
Investment Insights
Based on property information with market context.
A well-maintained, two-story office building offering multiple office spaces with a wraparound porch. The layout includes several offices with separate entrances along the porch, a large administrative area in the middle of the office suite, and shared kitchen and bathroom facilities. Additional offices are located upstairs, with interior pictures representing some of the available space.
The property is located on State Highway 59 in Robertsdale, AL, and is described as minutes from I-10. The remarks also note convenience features such as walkable lunch options and an on-site FedEx drop located on the north side of the porch, along with ample parking.
Buyers are advised that all information should be verified during due diligence.
The property is located on State Highway 59 in Robertsdale, AL, and is described as minutes from I-10. The remarks also note convenience features such as walkable lunch options and an on-site FedEx drop located on the north side of the porch, along with ample parking.
Buyers are advised that all information should be verified during due diligence.
Key Highlights
- Two‑story, well‑maintained office building with multiple offices and shared kitchen and bathrooms
- Offices feature separate entrances along the wraparound porch and there are several offices upstairs
- Large administrative area in the middle set of offices
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$86,899
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,737,980
$1.7M
Cap Rate 7%
$1,241,414
$1.2M
Cap Rate 9%
$965,544
$965.5K
Market Conditions
NOI Build-Up for 7,265 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$161.3K $22.20/SF
− Vacancy
−$16.5K −$2.26/SF
EGI
$144.8K $19.94/SF
− OpEx
−$57.9K −$7.97/SF
NOI
$86.9K $11.96/SF
Area
Baldwin County, AL
Vacancy
10.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,737,980
Cap Rate 7%
$1,241,414
Cap Rate 9%
$965,544
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $86,899 @ 7.0% cap · market cap 5.79%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,739 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,296 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
Explore this area
Business Placement
Demographics for 36567, AL
14,620
Population
6,054
Households
2.4
Avg Household Size
39
Median Age
17%
College-Educated
86%
High-School Grad
228.7 sq mi
ZIP Area
64
Density / Sq Mi
$59,763
Median Household Income
$40,276
Median Earnings
$943
Median Rent
$220,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story, well-maintained office building with multiple offices, shared kitchen and bathrooms, wraparound porch access, and ample parking.
Where is this office building located?
The property is located at 22193 STATE HIGHWAY 59 Robertsdale, AL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two‑story, well‑maintained office building with multiple offices and shared kitchen and bathrooms; Offices feature separate entrances along the wraparound porch and there are several offices upstairs; Large administrative area in the middle set of offices
